Carolina Consulting Company has a defined benefit pension plan.The following pension-related data were available for the current calendar year:
There were no other relevant data.
Required:
1)Calculate the 2016 pension expense.Show calculations.
2)Prepare the 2016 journal entries to record pension expense and funding.
3)Prepare any journal entries to record any 2016 gains or losses.
Definitions:
High Reliability
Refers to systems or organizations that operate in conditions where the cost of failure is high, focusing on safety and minimizing errors.
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